Gen Z will form 30% of the workforce in the United States by 2030 and with their disposable incomes on the rise, this generation of digital natives will soon be exploring their options when it comes to where to set up their businesses and deciding where to reside.
Unlike previous generations, where one generally committed to live and work in the country of birth, Gen Zs are able to truly embrace being global citizens. They’re choosing to work or manage their businesses remotely, having homes in various countries and having multiple citizenships opening up the entire world.
Growing up against a global backdrop of increasing political, economic, social, and environmental instability, there is growing interest among this generation in investment migration. In 2023, it is predicted that 125,000 millionaires will look to relocate to more secure and attractive destinations around the world.
Dual or alternative citizenship is increasingly seen as an attractive investment as it helps individuals achieve professional goals, gain global mobility, ensure their family’s safety, and improve their quality of life.
For Gen Z, rapid change has been constant. They are the first generation that cannot easily discern a time before the Internet and widespread mobile phone ownership. They were born when the world went online and were youngsters when Facebook and the iPhone launched in 2004 and 2007 respectively. They are the first generation of digital citizens who have grown up living in the profound human experiment of social media – in which attitudes towards information, privacy and relationships shifted significantly.
It is precisely for this reason that Gen Z can already be considered global citizens and will be more open and likely to invest in second citizenship.
Research has also shown this generation to be more socially and environmentally responsible and more self-aware. Being more demanding, driven to succeed, and ambitious – this cohort values diversity and equality, family, and success.
Citizenship by Investment offers the perfect opportunity for Gen Z to realise their ambitions and make an impact on the world by investing in jurisdictions that offer security, lucrative business returns, stable economic and political environments for families and those who are working towards reducing their carbon footprint.
The Commonwealth of Dominica is a great example of a country that would appeal to climate-conscious Gen Zs.
Dominica is on a concerted drive to build a climate-resilient nation and reduce the country’s dependence on fossil fuels. The country has commenced transforming itself into the world’s first climate resilient country – this includes enhancing public knowledge on resilience, and formulating a strategy which will govern the island’s future efforts at building resilience.
Dominica is also pursuing initiatives for developing and using renewable energy sources. Today, 28 percent of Dominica’s electricity generation comes from hydropower and wind and the country aims to become energy self-sufficient by 2030.
Further, there have been initiatives to create a sustainable environment where renewable energy resources are effectively utilised. These initiatives include the granting of concessions on the importation of solar-related equipment and accessories, a solar street lighting project, and most importantly a geothermal project.
For the family-oriented Gen Z, a country like St Kitts and Nevis, which recognises the rise of increasingly complex family relationships is a great option as it allows for a more diverse range of family members to be included under a primary application.
The St Kitts and Nevis CBI programme has been lauded for its family friendliness as it allows the main applicant to include their spouse, children under and over 18 and, in certain circumstances, siblings, parents and grandparents of both the main applicant or their spouse to be included in an application.
One of the largest economies in the East Caribbean, Saint Lucia, offers a more wholesome CBI offering particularly suited to an entrepreneur looking for a mature environment in which to set up their business and expand their investment portfolio.
St Kitts and Nevis, along with the rest of the Caribbean countries, does not have any travel or residency requirements for CBI applicants. This makes it easy for busy entrepreneurs to continue running their businesses and still be eligible to get their second citizenship while not having to fulfil any minimum stay requirements.
The ongoing global unrest, unstable governments, civil unrest, and the pandemic have left many feeling insecure about their home countries – Gen Z cited war and terrorism as some of their biggest fears. Relocating to a safe and secure nation that offers stability, such as those in the Caribbean, offers solace from the chaos of the world.
With the hope of securing bigger and brighter futures a norm for most human beings, dual citizenship is one way Gen Zs can access the freedom, security, and peace of mind they desire to create the future they want – and not the one seen only on the likes of Instagram.
Most countries with CBI programmes use the investment funds from their programmes to bolster and uplift their countries by investing in tangible solutions that benefit both locals and investors.
Funds from these programmes have been used to develop robust healthcare systems on par with first-world countries and create educational systems that open the doors to international opportunities. Along with this, investors can look forward to safe and secure communities, world-class public transportation facilities and much more.
It is clear from these benefits that second citizenship is a must-have item for a worldly Gen Z looking for viable investment options in second citizenship.
The interconnected world that we live in today is rapidly turning into a community of which Gen Z are an essential part. Access to alternative citizenship makes the world seem like a more welcoming place to the youth who are still finding a place for themselves and trying to create a sustainable, healthy, and peaceful future with all the resources that they have been provided with.